In April SGX’s freight derivative volumes totalled 14,154 contracts up 700% on the same month in 2014. Open interest in contracts averaged 32,218 in April nearly double that seen at the start of 2015.
Seasonal improvements saw support for larger vessels with capesizes and panamaxes rising 19% and 10% respectively.
“The April forward curves closed pricing in a relatively robust recovery for capesize rates over the coming months, while expectations for other vessel classes remain more muted,” SGX’s monthly report commented. However, rates also remained at near mult-decade lows.
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